Good governance helps PetroVietnam achieve impressive growth
The Vietnam Oil and Gas Group (PetroVietnam) enjoyed impressive production and business results in the first four months of 2021, thanks to its efforts to address bottlenecks to stimulate production and improve governance, besides an increase in oil prices.
The group’s exploitation output in oil equivalent in April exceeded the set plan by 7%, resulting in the four-month figure surpassing the plan by one percent.
Its total revenue in the period hit VND124.4 trillion (US$5.43 billion), 21% higher than the set target and up 47% year-on-year.
Specifically, the group’s pre-tax profit is estimated at VND15.4 trillion, a 2.46-fold increase compared to that of the same period last year.
In the period, PetroVietnam contributed VND27.5 trillion to the State budget, also higher than the four-month plan and the same period last year.
PetroVietnam General Director Le Manh Hung attributed the achievements to the group’s continuous efforts to carry out measures to boost production and improve corporate governance efficiency, together with an increase in oil prices.
In early April, Fitch Ratings revised the outlook for PetroVietnam to “positive” from “stable”.
It also assessed PetroVietnam’s standalone credit profile (SCP) at “BB ” and long-term foreign-currency issuer default rating (IDR) at “BB”.